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Monthly Intelligence
Monthly market reports, rate forecasts, and industry analysis from our team of commercial lending experts. Stay ahead of the market.
Featured Report
SBA rates hold steady; CRE demand surges as Fed signals pause
The commercial lending market showed continued resilience in April 2026. SBA 7(a) rates held at 8.25% as the Federal Reserve signaled a pause in rate cuts. CRE loan demand surged 18% month-over-month driven by industrial and multifamily acquisitions. Working capital demand remains elevated as businesses prepare for Q2 inventory cycles.
All Reports
Rate cuts begin to flow through — SBA and CRE borrowers benefit most
March 2026 marked a turning point for commercial borrowers as the December 2025 Fed rate cuts began flowing through to SBA and CRE loan pricing. SBA 7(a) rates dropped 25bps to 8.25%, and CRE loan rates fell to a 14-month low of 6.9%. Lender appetite remains strong across all categories.
Lender competition heats up — borrowers gain leverage in negotiations
February 2026 saw increased lender competition as banks and non-bank lenders competed aggressively for quality commercial borrowers. This created favorable conditions for well-qualified businesses, with some borrowers securing rates 50–75bps below published ranges.
New year, new rate environment — what borrowers need to know
January 2026 opened with the commercial lending market adjusting to the new rate environment following four Fed cuts in late 2025. Lenders recalibrated their pricing models, and borrowers who moved quickly captured the best rates of the cycle.
Our analysts predict where rates are headed through June 2026
Our Q2 2026 forecast projects SBA rates holding in the 8.0–8.5% range through June, with a potential 25bps cut in July if inflation data cooperates. CRE rates expected to compress further as cap rates tighten. Equipment and working capital rates may tick up slightly due to demand pressure.
New SBA guidelines create expanded access for more business types
The SBA implemented several program updates in early 2026 that expand eligibility and improve terms for small business borrowers. This deep dive covers the key changes, who benefits most, and how to position your application for maximum success.
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